Another major shakeup for Unibail Rodamco Westfield (ASX:URW) shareholders

It’s been a turbulent year for shareholders, with a volatile Unibail share price, a ‘reset’ plan, and major transformations in management.
The post Another major shakeup for Unibail Rodamco Westfield (ASX:URW) shareholders appeared first on Motley Fool Australia. –

asx shares management represented by wooden peg doll wearing gold crown

It’s been a turbulent year for Unibail Rodamco Westfield (ASX: URW) shareholders. At the end of October, the Unibail share price was down 74% for the 2020 calendar year. That’s rough, even for a retail landlord operating in today’s pandemic battered times.

Year to date, however, the Unibail share price is now ‘only’ down 59%. This comes after a major share price rally last week saw shares gain 62% so far in November.

Much of that rally was owed to shareholders voting to reject the supervisory board’s 3.5 billion euro (AU$5.7 billion) capital raising, part of the company’s ‘reset’ plan to pay off its burdensome debt load.

The defeat of the capital raising proposal saw chair of the board, Colin Dyer, resign earlier this week. Leon Bressler, one of the activist investors stringently opposed to the capital raise, was appointed as the new chair.

With so much managerial shakeup, Christophe Cuvillier, Unibail’s CEO, was left in a tenuous position.

Indeed, in an announcement released today, Unibail confirmed that Cuvillier has been replaced by Jean-Marie Tritant, with the transition to take place on 1 January 2021.

What did Unibail’s management say?

Commenting on the shakeup of CEOs, Leon Bressler said:

A transition phase is beginning for URW. I am delighted that Christophe Cuvillier has agreed to lead it for the Group. His long experience as CEO, particularly during the ongoing health and economic crisis, will be very valuable. I am convinced that Jean-Marie will lead the company with great success.

Jean-Marie Tritant added:

This appointment is for me an immense honour and I fully appreciate the trust that has been placed in me. URW is an exceptional company that I joined more than 20 years ago and is a leader in its sector. I know that I can count on the Group’s teams, their talent and their energy. Thanks to them, we will be able to build on the Group’s future successes.

I would like to commend the tireless work accomplished by Christophe Cuvillier at the helm of URW since 2013 and his commitment to ensure a smooth transition as from today.

The Unibail share price is down 1.12% in early afternoon trading.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Another major shakeup for Unibail Rodamco Westfield (ASX:URW) shareholders appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!